Global Energy Storage Market is expected to reach 51,426.0 MW (megawatt) by 2023 growing at a CAGR of 48.7% from 2017–2023: Proficient Market

According to a new report published by Proficient Market, titled, “Global Energy Storage Market by Product Type (Mechanical, Electrochemical, Thermal and Chemical) and by End-Users/Application (Fuel Saving, Arbitrage, Ancillary Services, Back-Up Supply) Global Market Share, Forecast Data, In-Depth Analysis, and Detailed Overview, and Forecast, 2019 – 2027″ The report has offered an all-inclusive analysis of the global energy storage market taking into consideration all the crucial aspects like growth factors, constraints, market developments, top investment pockets, future prospects, and trends. At the start, the report lays emphasis on the key trends and opportunities that may emerge in the near future and positively impact the overall industry growth.

According to the report, Global Energy Storage Market in 2019 stood at 7,356.4 MW (megawatt) and is expected to reach 51,426.0 MW by 2023 growing at a CAGR of 48.7% from 2017 – 2023.

Energy storage is a system or tool that is used to store various renewable energies it aids in capturing energy that is produced and stores it for utilization of various applications later. Various energies like: solar energy, wind energy, potential energy, and other energies. The energy storage involves conversion of energy from forms that are difficult to store to convenient/storable forms. The energy storage provides resilient and clean energy. Various energy storage examples are: hydroelectric dams, ice storage tanks, rechargeable batteries and others.

Drivers for the Global Energy Storage Market: Rising demand of hydro power, solar energy & wind energy, increasing demand of unconventional energy generation sources, rapid urbanization, as the energy produces clean power and is easily & readily available hence it is increasingly being used by various industries globally and are owing to increase the disposable income and growth of the industry.

Opportunities for the Global Energy Storage Market: Moreover, rise in energy storage systems due to poor power quality and pollution associated with traditional energy sources, various storage of renewable energy technologies (wind & solar) as renewable energy is on high demand as it is less harmful and more effective, variable outputs, and the energy sources have great potential for smoothing out the electricity supply in order to reach the growing demand. Hence these factors can provide opportunities for the future growth of the industry.

Restrains for the Global Energy Storage Market: However, severe policies are faced by the developers of energy, restrictions & implementations of governmental policies related to the development of energy storage systems and various energy resources require to be regulated & payed through tariff billed for all the rate payers/energy storage producers. Hence these factors can hamper the growth of the energy storage market.

Region Wise, Global Energy Storage Market Analysis: North America held major share in the market due to general economic conditions, investment in new technology, integrated resource planning for utility companies, increase in the number of industries and rapid growth of the economy. Besides Europe and China held a large share in the market.

On the basis of type, mechanical accounted for largest share of total revenue generated. Because, it comprises of systems like: flywheels, compressed air energy storage (CAES) and pumped hydro storage (PHS) which are comprehensively used for residential, commercial and large-scale industrial purposes.

The demand of Global energy storage Market is highest from ancillary services, due to their applications in maintaining the usability throughout a system and also support systems that aid in performing the transmission of electricity from the transmission site to the end user/consumers.

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